XML 30 R20.htm IDEA: XBRL DOCUMENT
v3.21.1

Mortgage servicing rights | 12 Months Ended
--- | ---
Dec. 31, 2020
Transfers and Servicing of Financial Assets [Abstract] |
Mortgage servicing rights | Mortgage servicing rights: Changes in the Company’s mortgage servicing rights were as follows for the years ended December 31, 2020, 2019, and 2018:
|  |  |  | Year Ended December 31,
|  |  |  |  |  | 2020 |  |  | 2019 |  |  | 2018 |
Carrying value at beginning of period |  |  |  |  |  | $ | 75,521 |  |  | $ | 88,829 |  |  | 76,107 |
Capitalization |  |  |  |  |  | 47,025 |  |  | 42,151 |  |  | 54,913 |
Mortgage servicing rights acquired from Franklin, at fair value |  |  |  |  |  | 5,111 |  |  | — |  |  |
Sales |  |  |  |  |  | — |  |  | (29,160) |  |  | (39,428) |
Change in fair value: |  |  |  |  |  |  |  |  |  |
Due to pay-offs/pay-downs |  |  |  |  |  | (27,834) |  |  | (16,350) |  |  | (11,062) |
Due to change in valuation inputs or assumptions |  |  |  |  |  | (19,826) |  |  | (9,949) |  |  | 8,299 |
Carrying value at end of period |  |  |  |  |  | $ | 79,997 |  |  | $ | 75,521 |  |  | $ | 88,829 |
The following table summarizes servicing income and expense, which are included in 'Mortgage banking income' and 'Other noninterest expense', respectively, within the Mortgage segment operating results for the years ended December 31, 2020, 2019, and 2018:
|  |  |  | Year Ended December 31,
|  |  |  |  |  | 2020 |  |  | 2019 |  |  | 2018 |
Servicing income: |  |  |  |  |  |  |  |  |  |
Servicing income |  |  |  |  |  | $ | 22,128 |  |  | $ | 17,677 |  |  | $ | 20,591 |
Change in fair value of mortgage servicing rights |  |  |  |  |  | (47,660) |  |  | (26,299) |  |  | (2,763) |
Change in fair value of derivative hedging instruments |  |  |  |  |  | 13,286 |  |  | 9,310 |  |  | (5,910) |
Servicing income |  |  |  |  |  | (12,246) |  |  | 688 |  |  | 11,918 |
Servicing expenses |  |  |  |  |  | 7,890 |  |  | 6,832 |  |  | 7,675 |
Net servicing (loss) income (1) |  |  |  |  |  | $ | (20,136) |  |  | $ | (6,144) |  |  | $ | 4,243 |
(1) Excludes benefit of custodial service related noninterest-bearing deposits held by the Bank. Data and key economic assumptions related to the Company’s mortgage servicing rights as of December 31, 2020 and 2019 are as follows:
|  | December 31,
|  | 2020 |  | 2019
Unpaid principal balance |  | $ | 9,787,657 |  |  | $ | 6,734,496 |
Weighted-average prepayment speed (CPR) |  | 14.07 | % |  | 10.05 | %
Estimated impact on fair value of a 10% increase |  | $ | (4,493) |  |  | $ | (2,839) |
Estimated impact on fair value of a 20% increase |  | $ | (8,599) |  |  | $ | (5,474) |
Discount rate |  | 11.49 | % |  | 9.68 | %
Estimated impact on fair value of a 100 bp increase |  | $ | (2,942) |  |  | $ | (3,086) |
Estimated impact on fair value of a 200 bp increase |  | $ | (5,674) |  |  | $ | (5,932) |
Weighted-average coupon interest rate |  | 3.58 | % |  | 4.20 | %
Weighted-average servicing fee (basis points) |  | 28 |  | 29
Weighted-average remaining maturity (in months) |  | 328 |  | 335
The Company hedges the mortgage servicing rights portfolio with various derivative instruments to offset changes in the fair value of the related mortgage servicing rights. See Note 18, "Derivatives" for additional information on these hedging instruments.-* During the years ended December 31, 2019 and 2018, the Company sold $29,160 and $39,428, of mortgage servicing rights on $2,034,374 and $3,181,483 of serviced mortgage loans, respectively. There was not a significant gain or loss recognized in connection with the sales. During the year ended December 31, 2020, there were no such transactions. As of December 31, 2020 and 2019, mortgage escrow deposits totaled to $147,957 and $92,610, respectively.

X
- References No definition available. + Details
Name: | us-gaap_TransfersAndServicingOfFinancialAssetsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 50 -Paragraph 1A -Subparagraph (c)(3) -URI http://asc.fasb.org/extlink&oid=109249958&loc=SL6224234-111729 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 50 -Paragraph 1A -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=109249958&loc=SL6224234-111729 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (b)(2)(ii) -URI http://asc.fasb.org/extlink&oid=121570589&loc=d3e107207-111719 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (cc) -URI http://asc.fasb.org/extlink&oid=121570589&loc=d3e107207-111719 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 50 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=116651436&loc=d3e122596-111746 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 50 -Section 50 -Paragraph 3 -Subparagraph (a)(5) -URI http://asc.fasb.org/extlink&oid=116651436&loc=d3e122625-111746 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 20 -Section 50 -Paragraph 4D -Subparagraph (c)(3) -URI http://asc.fasb.org/extlink&oid=121570589&loc=SL51823488-111719 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (b)(2)(i) -URI http://asc.fasb.org/extlink&oid=121570589&loc=d3e107207-111719 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 50 -Section 50 -Paragraph 4 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=116651436&loc=d3e122739-111746 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121570589&loc=d3e107207-111719 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 50 -Paragraph 7 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=109249958&loc=SL34722452-111729 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 50 -Section 50 -Paragraph 3 -Subparagraph (a)(4)(ii) -URI http://asc.fasb.org/extlink&oid=116651436&loc=d3e122625-111746 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 20 -Section 50 -Paragraph 4 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121570589&loc=d3e107314-111719 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 50 -Section 50 -Paragraph 3 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=116651436&loc=d3e122625-111746 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 20 -Section 50 -Paragraph 4 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121570589&loc=d3e107314-111719 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -URI http://asc.fasb.org/topic&trid=2197590 Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 50 -Section 50 -Paragraph 4 -Subparagraph (a)(7) -URI http://asc.fasb.org/extlink&oid=116651436&loc=d3e122739-111746 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 20 -Section 50 -Paragraph 4 -Subparagraph (a)(5)(ii) -URI http://asc.fasb.org/extlink&oid=121570589&loc=d3e107314-111719 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 50 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=116651436&loc=d3e122596-111746 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 50 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=116651436&loc=d3e122596-111746 + Details
Name: | us-gaap_TransfersAndServicingOfFinancialAssetsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration